EUR/USD March 26 – Settles in Low Range As the

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EUR/USD is settling down in a low range, after making a convincing break of support. The deal that was announced in Cyprus left many uncertainties, and an ill timed comment by the head of the Eurogroup also put a lot of pressure on the common currency. Banks in Cyprus remain closed as officials try to sort out the details of the bank haircut. The focus will shift to the US for some time, as a wide range of indicators is expected to give an updated picture of the US economy.

Here is a quick update on the technical situation, indicators, and market sentiment that moves euro/dollar.

EUR/USD Technical

  • Asian session: Euro/dollar made an attempt to break above the 1.2880 line, but had no luck.
  • Current range: 1.2805 to 1.2880.

Further levels in both directions: EUR USD at new low range as banks remain closed in Cyprus March 26 2013

  • Below: 1.2805, 1.2746, 1.27, 1.2660 and 1.2587.
  • Above: 1.2880, 1.2960, 1.3000, 1.3100, 1.3130 and 1.3170.
  • 1.2880 turned into resistance after holding very well as support for quite some time.
  • The new 2013 low of 1.2828 doesn’t provide meaningful support. 1.2805 is the key: it was the bottom border of a long term range.

Euro/dollar under pressure as the Cypriot crisis continues– click on the graph to enlarge.

EUR/USD Fundamentals

  • 12:30 US durable goods orders, exp. +3.9%, core orders exp. +0.7%.
  • 13:00 US S&P/CS Composite-20 HPI, exp. +7.9% (year over year).
  • 14:00 US New Home Sales, exp. 426K
  • 14:00 US CB Consumer Confidence, exp. 67.9 points.
  • 14:00 US Richmond Manufacturing Index, exp. 8 points.

For more events and lines, see the Euro to dollar forecast

EUR/USD Sentiment

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About Author

Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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